President Trump told business leaders Friday that Republicans' proposed tax reform package would "end the era of economic surrender," blaming the current tax code as the "primary reason" why businesses moved overseas and outsourced labor abroad.
Trump noted that the top corporate tax rate, more than 39 percent, is the "least competitive" one among developed nations and is crippling U.S. industry. "How do you compete? Well, many of them don't. They move overseas," Trump said at a meeting of the National Association of Manufacturers Friday.
"It is time to go from dead last to pretty much the front of the pack. We won't have the lowest rate, but we'll be pretty close," he said.
The president promised that the tax reform package would provide "rebirth" of American industry. "We will cap your top tax rate at a maximum of 25 percent. This will be the lowest top marginal income tax rate for small and medium-sized businesses in more than 80 years. This huge tax cut will be rocket fuel for our economy."
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3 comments:
Bernie wants 75 percent in taxes because its the right thing to do even thou he pays only 13 percent currently. Dems will NEVER EVER go for it. They LOVE taxes noway they will give us a break. Noway.
Noway, that's a country, right?
If you own a business you know that Trump is 100% correct. But its not just the taxes. The regulations and constant legally required paperwork are beyond ridiculous. Every time I turn around I have to spend anywhere from 3 hours to several days compiling B.S. data for some alphabet agency. To add insult to injury the info they request 9/10 is already available to them. They ask for the same info 10 different ways.
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